Verification for Toga Capital

Dear Scam option,
I would like to know if Toga Capital Limited is a scam, my parents are giving up everything and inviting their friends too for this company, and I would like to know if they’re genuine.
What they do is employ a sort of multi-level marketing strategy, embedded in a an app (trading software sortof) that makes you invest stocks using “toga points”.
Here’s their scheme:

Vision – They want to be the best messaging app they made called “Toga Chat”, by reaching 500M users by 2019 and being listed in NASDQ where they said they will gain $2Billion

To catalyze this- They recruit “agents”– each agent invests $100-$3000 in a multi-level marketing scheme, and recruits others (they get half of their recruit’s investment as commission) this “investment” is converted into “TOGA points”

The “Toga points” can be used to buy “STOCKS” shares in their created Binary Options platform (trading software) called “TOGA Options”

They promise that if they are able to buy 100 shares using the “TOGA points”, they just sit back and it will become $820,000 by 2019 (once they become listed in NASDAQ as IPO)

They have legitimate looking websites: https://www.togacapital.com/ and is in bloomberg https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapid=207422249

This is very critical since they’re recruiting a lot of people to invest in their promise. When they buy stocks using the “toga points” they dont get any certificate, but the company says that they will have the certificate once it’s in IPO in NASDAQ by 2019.
Please please let us know if this is legitimate, we know nothing about this field, and I dont want my parents to risk everything they worked hard for.

I don’t have a good feeling about it at all. It takes more than a market cap criteria to reach nasdaq. Lots of disclosure is required, and they don’t disclose anything. Their stock is not a fully reporting company. It’s just an empty shell that did a name change to Toga Limited as best as I can tell. The CEO owns 300,000 shares of the 400,000 shares available in that shell. That means the float is only 100,000 shares, making it very easy to manipulate. All the focus is on the company’s stock price, but that’s not even a reporting company. They are making private placements to naïve investors, not accredited investors. For all I know, they could walk off with all the money since they are based in the Cayman Islands. The Cayman Islands alone is a read flag to me. Or if they do take those shares public as promised, they will be on the OTC market, not Nasdaq, and you’ll be close to 10 million shares at that time.

I tried all the products and I can’t get any of them to work. The downloads of Toga Chat don’t number above 5,000 on any of the app sites, but their projections are astronomical. The feedback is good, but all the feedback comes from those who download it which are agents themselves who have a biased stake in its future. I would not put up my life savings. It’s too good to be true. At best, those shares go public and they could get out at a nice profit. I see it as musical chairs. The last ones standing will be the bag holders, and it won’t be pretty. It’s like a typical penny stock scam in my opinion, only they are doing it with private placements overseas. I’m guessing because the SEC in the United States has gotten a lot more strict.

In worst case, they intend to run off with all the money due to the loose laws of the Cayman Islands and disappear into the night. But I just don’t know. There is no transparency. All I see is a lot of naïve investors putting money into a shell company that doesn’t report in the hope of someone coming in behind them in the trickle down economics of the multi-level marketing. Nobody is buying the products though, from what I can tell. Can you actually book a hotel at TogaGo? I can’t even get anything to pull up. Nothing seems easy to use to me.

I have researched on Toga company and I found that they have launched new social media app which is called Yippi. It looks like a decent chat app with some interesting new features. The filings and disclosure shows their updated 10 K report and so on. I also downloaded TogaPay. It seems feasible in local areas.
Perhaps it is a developing company that needs more time to show its capability. But overall it could be considered as a legal and decent company.

I guess I was wrong. It\’s no longer a shell a company and actually became a full public company on the otc market according to the filings as I understand them. Whoever invested earlier this year made a great return on their investment it would seem. I still wouldn\’t risk \”everything you worked hard for.\” Never put all your eggs in one basket. Even Enron, which was on the Nasdaq, collapsed and destroyed the lives of many that put all their eggs in that one basket. Namely, the employees that had stock options instead of a 401k.

Just risk what you can afford to lose. I\’m still skeptical about their ability to go Nasdaq, but one never knows with certainty about anything in the stock market. The market is ruled by emotions as well as fundamentals. Everything seems legal as the above poster said, but legal companies go broke legally all the time. Everybody has a vision of world conquest. Just be careful and don\’t get too greedy. Diversify. Big returns come with big risks.

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